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Beyond the volatility: is a near-term recession likely?

August has been a highly volatile period for the financial markets. Reignited trade tensions and recent yield-curve inversions have spooked investors, culminating in a 3% drop in the S&P 500 Index on Aug. 14, its worst day of the year. Ivy provides its perspective on these two market moving events.

Ivy Live/ 8.22.19

FAANG: In the government's crosshairs

The big four tech giants – Apple, Amazon, Facebook and Google – are facing antitrust investigations and scrutiny over data privacy. And surprisingly, the push is gaining bipartisan support. Is it just noise for the tech sector or a larger threat to investors?

Market Perspective/ 8.05.19

Fed cuts rates; where do we go from here?

The Fed announced a much-anticipated one-quarter-percentage-point cut to the federal funds rate. Following the decision, Fed Chairman Powell's press conference commentary was perceived as unexpectedly hawkish. While the market had a 'buy the rumor, sell the news’ reaction, but we believe underlying fundamentals should support continued growth during the rest of 2019.

Maximizing the Value of 529 Plans

Parents are preparing their kids to head back to school as the topic of affording college tuition looms large. Discover how you can help your clients with 529 plans.

Genlink

Attracting assets in motion

Over the next few decades, client assets currently held by Traditionalists and Baby Boomers will be controlled by Generation Xers and Millennials, reshaping the traditional financial advisor model. Discover how you can plan for each generation.

Genlink

Why advisors need to understand each generation

Navigating generational differences can be tricky, whether you’re speaking to a younger client or chatting with a long-time client that might be your parents’ age. Knowing each generation can lead to a growing and stable practice.

Ivy Investments

We stand for a legacy of expertise, focused on delivering strong, long-term results. Our name reflects our progressive product offerings and growing global presence as we continue to adapt to the needs of investors.

Quarterly Fund Commentary

Ivy ProShares S&P 500 Bond Index Fund

Market Sector Update

The Federal Reserve (Fed) struck a move dovish tone in its June policy statement abandoning the word “patient”
and leading some market participants to interpret that a case for easing monetary policy had strengthened.

The Fed acknowledged that it has been grappling with a consistent shortfall in inflation relative to its 2% target – the
Fed’s preferred inflation gauge, the core personal consumption expenditures index, was up 1.5% in May following
April’s reading of 1.6%.

Corporate spreads experienced a roller-coaster quarter – average option-adjusted spread of U.S. investment grade
corporate bonds tightened 10 basis points (bps) in April, widened 22 bps in May and then reversed again in June to
end the quarter 3 bps tighter overall.

Total issuance of investment grade corporate bonds for the period was down approximately 20% in year-to-year
comparison for 2018 and the lowest second quarter issuance since 2013.

Portfolio Strategy

Given the market’s expectation for further rate hikes, all eleven sectors were positive for the quarter. Consumer
discretionary and communication services were the top performers, however all sectors posted some of the highest
quarterly returns in the past four years.

After widening for much of May, spreads finished the quarter modestly tighter than they ended the prior quarter. BBBrated
credits performed best with spreads tightening 23 bps in June.

Outlook

The Fed has committed to take the appropriate steps in order to sustain the current economic expansion – markets
are currently pricing in two rate cuts by the end of the year.

Geopolitical risks and the ongoing impact of tariffs continue to pose concerns for global economic growth. As a
result, eurozone bond yields are witnessing record lows with 10-year German Bund yields at -0.40%.

As rates look more likely to fall than rise, the combination of higher relative yields and a shift in focus on limiting
credit risk away from interest rate risk could provide further tailwinds for U.S. investment grade corporate bonds.

The opinions expressed are those of the Fund’s managers and are not meant as investment advice or to predict or project the future performance of any investment product. The opinions are current through June
30, 2019, are subject to change at any time based on market and other current conditions, and no forecasts can be guaranteed. This commentary is being provided as a general source of information and is not
intended as a recommendation to purchase, sell, or hold any specific security or to engage in any investment strategy. Investment decisions should always be made based on an investor’s specific objectives, financial
needs, risk tolerance and time horizon. Past performance is not a guarantee of future results.

The Fund is a passively managed index fund designed to track the performance of its stated benchmark index. It does not invest in securities based on the managers' view of the investment merit of a particular
security or company, nor does it conduct conventional investment research or analysis or forecast market movement or trends, in managing the assets of the Fund. The Fund seeks to remain fully invested at all times
in securities that, in combination, provide exposure to its respective benchmark Index without regard to market conditions, trends or direction.

The S&P 500® /MarketAxess® Investment Grade Corporate Bond Index seeks to measure the performance of corporate debt issued in the U.S. by S&P 500 companies. It is a market value-weighted subset of the S&P
500 Investment Grade Corporate Bond index that seeks to measure the performance of corporate debt issued in the U.S. by companies (and their subsidiaries in the S&P 500), subject to additional liquidity rules.
Indexes are unmanaged and one cannot invest directly in any index.

Jeffrey Ploshnick served as a portfolio manager on the Fund until April 2019.

Risk factors: The value of the Fund's shares will change, and you could lose money on your investment. While the Fund attempts to track the performance of its stated index, there is no guarantee or assurance that
the methodology used to create the index will result in the Fund achieving high, or even positive, returns. The Index may underperform, and the Fund could lose value, while other indices or measures of market
performance increase in value. Fixed income securities are subject to interest rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. Investing in below investment grade securities may
carry a greater risk of nonpayment of interest or principal than higher-rated bonds. As of November 30, 2017, the index was concentrated in the financial industry group; therefore, the Fund is subject to the same
risks faced by companies in the financials industry to the same extent as the index is so concentrated. Such risks include extensive government regulation, fluctuation of profitability, and credit losses resulting from
financial difficulties of borrowers. A number of factors may affect the Fund's ability to achieve a high degree of correlation with the Index, and there is no guarantee that the Fund will achieve a high degree of
correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other government agency. These and other risks are more fully described in the Fund's prospectus. Not all funds or fund classes may be offered at all broker/dealers.

The financial products and services described in this website are offered only in the United States, Puerto Rico
and the U.S. Virgin Islands. Nothing in this website should be considered a solicitation to buy or an offer to sell such products
and services in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction.

IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS® are managed by Ivy Investment Management Company and are distributed by Ivy Distributors, Inc., InvestEd℠ Portfolios are managed by Ivy Investment Management Company and are distributed by Waddell & Reed, Inc. These financial products are offered by prospectus only. Waddell & Reed Financial, Inc. is the ultimate parent company of Ivy Distributors, Inc. and Waddell & Reed, Inc.

Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of a mutual fund or portfolio.
This and other important information is contained in the prospectus and summary prospectus, which may be obtained here or from a financial advisor.
Read it carefully before investing.

IVY INVESTMENTS℠ refers to the investment management and investment advisory services offered by Ivy Investment Management Company, the financial services offered by Ivy Distributors, Inc., a FINRA member broker dealer and the distributor of IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS®, and the financial services offered by their affiliates.